This paper studies how individual attention to investments affects consumption out of capital gains. We leverage granular account-level data of 200,000 active investors from a leading mobile payment platform. The platform connects mutual fund investments with expenditure records of investors. We find that investments that attract more attention elicit a greater consumption response. We first show that the marginal propensity to consume (MPC) out of capital gains is larger for more recent investments and better-performing ones. This heterogeneity in MPCs across investments suggests that selective attention may render money non-fungible for investors. We then exploit two quasi-experiments that introduce exogenous variations in what funds are displayed. First, the platform’s default setting presents the fund that was most recently acquired by investors at the top of their fund holding page. Additionally, mutual funds from the same fund company as the recently invested fund, even if the former were acquired a long time ago, will be grouped together with the recently invested fund in a single block. We show that investors’ consumption response is stronger to investment proceeds of the funds that were from the same fund company as the recently invested fund than funds that were not. Second, we exploit a change in the display setting on the platform that allowed investors to sort their portfolio funds based on holding period performance. We find that after the change, the consumption response to proceeds from top-performing funds relative to worse-performing funds are more different.